FHA Loan Limits End December 31st, 2008

On March 6, 2008 HUD announced a temporary FHA loan limit increase in counties across the United States. The Economic Stimulus Act of 2008 permitted FHA to insurance loans up to 125% of the area median house price.  These loan limits now run out on December 31, 2008.  After that date all FHA loan limits will revert back to the county limits based on median home price.  The impact on the homebuyer community is huge.  In some counties this could change the maximum loan limit by hundreds of thousands of dollars.  If you are looking to buy a home using FHA, please call me now to see if this is going to impact your new FHA mortgage loan.